As part of its current platform updates, Binance says it will turn over a dozen tokens, such as Monero and Bitcoin Gold, into the USDC stablecoin. Starting on August 26, the cryptocurrency market will also take down six more tokens, one of which is Loom Network.
Binance said in a blog post on August 12 that 15 tokens will be changed into USDC based on how many users have in their wallets. Using the average token-to-USDC exchange rate, the move will happen between September 2 and October 1.
Binance Simplifies Trading Pairs
Withdrawals of these tokens are still possible until September 1, but purchases are no longer possible and will not be added to users’ accounts.Binance’s plan to simplify trade pairs and stay in line with regulations led them to decide to convert and remove some tokens from the exchange.
The site said that the delistings were due to things like project team commitment, development quality, trading volume, and network stability.The news had an instant effect on the market. The price of Monero dropped by 0.52%, and the price of Loom Network’s token, LOOM, dropped by over 12%.
More than 25% of the value of VGX Token was lost, which was a more expansive drop.Binance’s relationship with USDC is changing, and this move is part of that. The exchange took USDC out of its trading pairs two years ago to focus on other pairs with more volume.
But recent changes in regulations, like the EU’s Markets in Crypto-Assets (MiCA) system, made Binance bring back USDC trading pairs and turn assets in its $1 billion Secure Asset Fund for Users into USDC.
